Blog Post #6: Visual

This graph demonstrates that student loan debt is the highest type of debt in the U.S. Beginning in 2010, student debt became the second highest consumer debt category, putting auto loan and credit card debt at the bottom of the list. 

Throughout the years, tuition has skyrocketed, causing individuals to have to take out loans in order to receive a higher education. These two graphs display the average cumulative student loan balance for master's and doctorate degree completers, by degree program. Although the graphs only demonstrate the change until 2016, I am certain that these numbers have increased since then. By looking at these graphs, it is evident that the rise of tuition has contributed to the increase in student loan debt. The amount of loan debt an individual has depends on the degree program they are in and the years of schooling. For professions such as doctors, pharmacists, lawyers and teachers, advanced study in graduate school is required. However, the problem is, how are students, especially those who come from a low socioeconomic background, supposed to afford a higher education? The answer simply becomes, loans. Because these individuals value education and understand that it is likely that they will be successful in their future if they receive a higher education, they are willing to take out as many loans as needed. 

These graphs become important for my research paper because they serve as a basis for my main idea, which is how the rise of tuition and the need to take out loans to pay for schooling influences application into graduate school.